Gogo raises $900m to help clear debt
April 17, 2019
By Chris Forrester
In-flight entertainment and connectivity operator Gogo is raising $900 million in new Senior Notes in order to pay off its 2022-due Senior Notes borrowing.
Gogo, in releasing its preliminary Q1 revenue guidance, said that a combination of better-than-expected Commercial Aviation revenues, and lower than expected overall operating and satellite communication costs contributed to its much better than expected EBITDA in Q1, according to Oakleigh Thorne, President/CEO of Gogo.
“Our focus on cost management and operational execution continues to drive financial momentum,” Thorne said.
Its actual Q1 numbers will be unveiled on May 9th.
Gogo’s guidance talks of revenues for Q1 being in the $197 million – $200 million range, and an operating loss of $17 million – $20 million. It is sitting on total cash and equivalents (as at March 31st) of some $188 million.